GLD Update

This Trade Idea has been all week in the making starting with the idea that GLD needed to breakout above the 2/2 and 2/21 resistance level, which is what it did (I'll go back and find the links later). The move was suspect (this has to do with the longer term GLD analysis-again I'll find the link later) and the idea was that this may very well be a head fake/ shakeout move. Since the breakout that I said needed to happen to sucker in longs, there has been no follow through. The next step was to see if there was 3C deterioration which has been picking up. Thus far GLD is moving closer to our theory and a nice potential trade.

 Here's the daily chart with the breakout I talked about that needed to occur for a head fake move, there has been no follow through strength since then.

 Today GLD is moving down despite dollar weakness (shown in red)

While I'll cover SLV in another post, this chart yesterday gave a deep negative warning signal before both PM's saw a fast 10 min. drop

SLV leading strongly negative before yesterday's sharp move in both metals.

 Here's the GLD 2 min chart. deteriorating right at the top as the theory went.

 That weakness has made its way to the 5 min above and 15 min below, which is what we wanted to see for a potential trade set up.

Now we just need a little more price confirmation and we'll likely have at least a nice swing trade and maybe then some.